SUBSCRIBE
PROFILE

EDF faces £46bn financial burden on Hinkley Point nuclear project

Two French MPs have raised concerns over the massive cost overruns of the Hinkley Point nuclear project, describing it as a “financial sinkhole” for EDF, now fully owned by the State.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90$/month

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99$/year

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

Sign up for free to unlock this article

The construction of two European Pressurised Reactors (EPR) at Hinkley Point in England is a “financial sinkhole” for Électricité de France (EDF), according to Aurélie Trouvé, Chair of the Economic Affairs Committee, and Charles de Courson, General Rapporteur of the Budget. The MPs made the statement following a supervisory mission at the Directorate General of the Treasury regarding the project’s financial trajectory.

The estimated cost of the project now stands at £46 billion (approximately €54 billion/$57.6 billion) by 2030, 85% of which is currently borne by EDF. At its launch in 2016, the initial budget was £18 billion. AFP reported these figures on April 28, relaying concerns voiced by the two lawmakers at the National Assembly.

Early warnings about financial risks

Aurélie Trouvé stated that internal memos from 2015, available at the time to the French government, which owned 85% of EDF, had already raised red flags over underestimated costs. “The government knew,” she said, criticising the overly optimistic financial projections set at the project’s inception. The State now holds 100% ownership of EDF.

The MPs also noted that, based on information gathered during their oversight visit, the Ministry for the Economy and Finance (Bercy) does not possess the contract governing EDF’s partnership on the project, raising further questions about project governance.

Parliamentary debate highlights lack of consultation

Charles de Courson called the situation a “democratic anomaly”, condemning the lack of parliamentary consultation despite the major budgetary implications of the nuclear programme. He stressed that “these decisions are escaping Parliament even though they have direct consequences on public finances.”

Their comments were made on the sidelines of a non-binding debate at the National Assembly on France’s energy policy. This debate comes ahead of a decree expected to be published later this summer outlining the country’s energy roadmap for the next decade, which includes a renewed focus on civil nuclear power.

  • Popular on energynews.pro
Global renewable energy investments reach $386 billion in first half
Dongfang Electric installs 26 MW offshore wind turbine, a world record
Enbridge deploys two new gas projects for 2.8 Bcf/d in the United States
TotalEnergies secures two new offshore permits in the West Delta basin
Political crisis in France: energy roadmap threatened by new delay
TVA and ENTRA1 seal historic agreement for 6 GW of SMR reactors in the United States
The Tennessee Valley Authority partners with ENTRA1 Energy to develop up to 6 gigawatts of modular nuclear capacity, in an unprecedented project supporting energy growth across seven U.S. states.
IAEA: Iran held 440.9 kg at 60% before Israeli strikes
A report by the International Atomic Energy Agency puts Iran’s 60% enriched uranium at 440.9 kg before Israeli and U.S. strikes, while the agency’s access to enrichment sites has remained suspended since the operations.
Westinghouse strengthens UK supply chain for nuclear reactors
US-based Westinghouse has signed six industrial agreements in the UK to supply critical components for its AP1000 and AP300 nuclear projects in Britain and abroad.
NANO Nuclear secures $1.25mn contract for KRONOS MMR microreactor
NANO Nuclear Energy receives direct funding from the US Air Force innovation branch to assess the integration of its KRONOS MMR™ microreactor at the Washington D.C. military base.
EDF extends two nuclear reactors in the United Kingdom until March 2028
EDF extends the operation of Heysham 1 and Hartlepool by one year after favourable safety inspections, ensuring continuity of nuclear production and safeguarding more than 1,000 jobs.
Rosatom prepares new nuclear projects in India and Turkey
Russian nuclear group Rosatom has confirmed advanced discussions with India and Turkey to launch new power plants, including advanced and floating reactor technologies.
Uranium traces detected in Syria at site linked to former Israeli airstrike
The International Atomic Energy Agency has identified uranium particles of industrial origin in samples taken from a Syrian site suspected of hosting an undeclared nuclear reactor.
Norway launches assessment process for two nuclear projects
Norwegian authorities begin the first regulatory phase for two modular nuclear reactor projects, marking a strategic step in the national review of the potential role of nuclear energy in the country’s power mix.
India accelerates its nuclear program to join the global top 5
With eleven reactors under construction and major projects such as Jaitapur, India is preparing a nuclear build-up that could place it among the world’s five leading nations in the sector.
Paris and Berlin agree on an energy roadmap including nuclear power
France and Germany have validated a joint energy roadmap, including a commitment to the non-discrimination of nuclear energy in European financing.
Putin and Pezeshkian to discuss Iranian nuclear program under European pressure
Russia and Iran seek to strengthen their nuclear cooperation as the E3 activates the sanctions mechanism against Tehran, reigniting tensions over compliance with the 2015 Vienna agreement.
Natura Resources secures federal and Texas backing for molten salt reactor
US-based Natura Resources has secured strategic funding and key permits for its MSR-1 nuclear reactor, backed by public funds and enriched fuel allocation from the Department of Energy.
Seoul and Washington open talks on nuclear fuel reprocessing
The United States and South Korea have agreed to initiate discussions on reprocessing spent nuclear fuel, marking a potential strategic shift in the long-standing bilateral agreement.
AP1000 reactor certification extended in the US until 2046
The United States Nuclear Regulatory Commission has granted a 40-year extension for the AP1000 reactor design certification, supporting its long-term construction domestically and deployment abroad.
Nano Nuclear partners with Dioxitek to strengthen Argentina’s nuclear supply chain
Nano Nuclear Energy has signed a memorandum of understanding with Dioxitek, Argentina’s only uranium supplier for nuclear fuel, to assess the development of local conversion and enrichment capacities.
Sweden lifts uranium mining ban to revive nuclear industry
Stockholm plans to restart uranium extraction by lifting the 2018 ban, aiming to secure strategic supply chains and support domestic nuclear electricity production.
CEA considers deploying a small Calogena nuclear reactor in Cadarache
The French Atomic Energy Commission has signed a letter of intent with start-up Calogena to study the installation of a 30 MW thermal small nuclear reactor at its Cadarache site.
Guidehouse forecasts $8.1 billion revenues for modular reactors by 2034
A Guidehouse Research report anticipates strong growth in the global nuclear modular reactor market, with revenues rising from $375.8 million in 2025 to $8.1 billion in 2034.
Several South Korean groups back $50bn nuclear projects in the United States
KHNP, Doosan, POSCO and Samsung C&T join US partners to develop 5 GW of modular reactors, expand uranium enrichment and build an 11 GW energy complex in Texas.
Washington activates Defense Production Act to secure enriched uranium
The US Department of Energy is creating an industrial consortium to accelerate domestic enriched uranium production and reduce reliance on foreign imports ahead of the Russian supply ban in 2027.

Log in to read this article

You'll also have access to a selection of our best content.